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Oct 6, 2022 · A new clause (ta) is inserted under section 2 which defines the term ‘Small Limited Liability Partnership’. Accordingly, LLP will be termed as ‘Small Limited Liability Partnership’ if it satisfies all of the below criteria-The contribution of the LLP is up to INR 25 Lakhs or such higher prescribed amount (not exceeding INR 5 Crores),
Aug 4, 2021 · A Limited Liability Partnership (LLP) is a hybrid model of a partnership firm and a company in which some or all partners (depending on the jurisdiction) have limited liabilities. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
Jan 2, 2024 · The LLP (Amendment) Bill, 2021 was introduced in Rajya Sabha on 30th July 2021. The Bill seeks to amend the Limited Liability Partnership Act, 2008. The Act provides for regulation of limited liability partnerships (LLP). LLP is a alternative corporate body form to traditional partnership firms.
Nov 19, 2021 · As defined in section 3 of the LLP Act, an LLP is a separate legal entity from its partners, has perpetual succession, and any change in the partners of an LLP has no effect on the LLP’s existence, rights, or liabilities. The amendment in the LLP Act, 2008 was firstly announced in the Union Budget 2021 by our Finance Minister.
- Definition of Small LLP: The Amendment Act has introduced the concept of small LLP in line with the concept of small companies as prescribed under the Companies Act, 2013.
- Recognition to Start-Up LLP: Start-up is one of the most popular forms of doing business these days. To facilitate the Ease of Doing Business and encourage startups across the country; the concept of start-up has been recognized under the LLP Act, 2008 as well, this will help in extending the benefit of simplified regulation and ease of practice under proprietorship to the start-up LLPs.
- Prescription of Accounting and Auditing Standards as recommended by the Institute of Chartered Accountants of India: It has inserted Sec 34A in the Act to empower the Central Government to prescribe the “Accounting Standards” or “Auditing Standards” for a class or classes of limited liability partnerships; the responsibility of formulation and recommendation of which has been assigned to the Institute of Chartered Accountants of India.
- Provisions related to direction to Change of name of LLP: In order to align the provisions relating to direction of the Central Government for change of name of LLP, with the amendment introduced in the Companies (Amendment) Act, 2020, the Amendment Act has provided to auto allot a new name to the LLP by the Central Government, in case of default in complying with the direction of the CG instead of imposing punishment for non-compliance for such default.
Dec 20, 2021 · Limited Liability Partnerships (" LLPs ") are flexible legal entities that enable partners to benefit from a joint, collaborative initiative whilst reducing their liability for the actions or inactions of the other partners.
Jul 12, 2022 · Small LLP- Nurturing Ease of Doing Business. There is a new concept of small LLP introduced by the Limited Liability Partnership (Amendment) Act, 2021. Technically, the central pursuit after welcoming this latter category of LLP is to oblige Small businesses in the ease of doing business in India.
